On August 26th, 2020 Karnataka Chief Minister B. S. Yediyurappa addressed a virtual Indo-Japan business forum organised by the Indian Chamber of Commerce (ICC). The Chief Minister also signed a Japan-India Start-up Initiative to promote start-ups in the State.
Key Points:
i.The Government of Karnataka has set up a 519 acres Japanese Industrial Township at Vasanthanarasapura near Tumakuru to enable more Japanese investments in the state.
ii.A 25 percent capital investment subsidy on land for industries has been introduced to boost investments in the electronics manufacturing sector.
iii.The state government of Karnataka encouraged Foreign Direct Investment (FDI) from Japanese firms across various sectors under the India-Japan Comprehensive Economic Partnership Pact, which was signed in 2011.
iv.Japan External Trade Organisation (JETRO) has built a Startup Hub in Bangalore in 2018 to identify Indian startups for the Japanese Market.
v.The Karnataka Government has taken various steps like setting up a single window for investors, Simplifying Labour Laws, setting up of ‘Karnataka Innovation Authority’ and launched the New Industrial Policy 2020-25 to boost investments and create employment opportunities for the youth.
Odisha’s participation in India-Japan investment forum virtual conference:
i.Industries minister D S Mishra participated in the event.He announced that the state had attracted investors from Japan, the state government offered 3.53 square kilometre industry ready land near Bhubaneswar.
ii.The State had set up different industrial parks in different places viz Plastic Park at Paradip, an Aluminium Park in Angul, Marine Food Processing Park at Deras near Bhubaneswar, Electronics Park in Bhubaneswar, PCPIR in Paradip and Ispat Cluster at Kalinga Nagar in Jajpur.
India-Japan Trade:
i.India has emerged as one of the most attractive investment destinations for Japanese firms.
ii.The Foreign Direct Investment (FDI) from Japan in India has increased from $1.6 billion in 2017-18 to $3.2 billion in 2019-20.
Recent Related News:
i.On 25 June, The Karnataka Government amended the “The Karnataka Industries(Facilitation) act, 2002”, to facilitate and attract investment in the state.
ii.On July 23, 2020 Karnataka Cabinet approved the new Industrial Policy for 2020-2025 that aims to attract Rs 5 lakh crore investment and create about 20 lakh employment over the next 5 years.
About Karnataka:
Governor – Vajubhai Rudabhai Vala
Nuclear Power Plant – Kaiga Generating Station, Uttara Kannada District.
